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115 5th Ave, New York, NY, ...

Perkins Eastman Renews 77k SF Lease At 115 5th Ave In New York
LEASEDOffice

Perkins Eastman Renews 77k SF Lease At 115 5th Ave In New York

115 5th Ave, New York, NY, 10003

Building Size

77,000 SF

Asset Type

Office

Closing

Nov 25, 2015

AI

Located at 115 5th Ave, New York, NY, 10003, the office property spans 77,000 square feet and serves as the headquarters for Perkins Eastman. The firm's long-standing presence on the second, third, and sixth floors highlights their commitment to the Midtown South location.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not disclosed
  • Tenant: Perkins Eastman
  • Landlord: The Winter Organization
  • Market: New York
  • Tenant's Rep: Stephen Siegel (CBRE)
  • Landlord's Rep: Benjamin Winter (The Winter Organization)

Stephen Siegel, Harly Stevens, and Paul Stimpfle from CBRE skillfully represented Perkins Eastman in the lease renewal negotiations. On the landlord's side, Benjamin Winter directly collaborated with the Winter Organization to finalize the terms of the agreement. Despite recent leases signed by other renowned architecture firms in different locations, Perkins Eastman reaffirms its commitment to the vibrant Midtown South area by extending its lease at 115 Fifth Ave.

Players

Stephen Siegel

CBRE

Broker

$85M

vol

9 deals

Broker
TO
The Winter OrganizationLandlord

New York Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93